Tesla Model Y variants and pricing (2026)

There are two Model Y variants available in Australia in 2026. Both qualify for the FBT exemption — neither comes close to the $91,387 luxury car tax threshold for fuel-efficient vehicles.

Model Y RWDModel Y Long Range

Price (before on-road)$58,900$78,400

Range (WLTP)466 km544 km

0–100 km/h6.9 sec5.0 sec

Charging (max)170 kW DC250 kW DC

FBT exemptYesYes

Under LCT thresholdYes ($32,487 under)Yes ($12,987 under)

What does a Tesla Model Y novated lease actually cost?

Your out-of-pocket cost depends on your salary, which running costs you include in the package, and the lease term. The key principle: every dollar of the lease payment comes from pre-tax income, which means the government effectively subsidises a portion of every repayment through income tax savings.

The table below shows estimated annual savings for the Model Y RWD over a 3-year lease at 7.5% p.a., including a standard running cost package (comprehensive insurance, registration, servicing, and home charging).

SalaryAnnual sacrificeTax savingGST savingTotal benefit

$75,000~$21,100~$7,300$5,355~$12,655

$100,000~$21,100~$7,300$5,355~$12,655

$130,000~$21,100~$8,229$5,355~$13,584

Why does salary barely change the benefit at $75k vs $100k? Both salaries sit in the 34.5% marginal tax bracket (applies $45,001–$135,000). The $130k saving is higher because more income is pushed below the 39% threshold. Use our calculator to see your exact position.

Full worked example — $100,000 salary, Model Y RWD, 3 years

Vehicle price$58,900

Lease term / rate3 years / 7.5% p.a.

ATO residual (3yr)46.88% of $58,900$27,612

Annual finance repaymentEstimate — varies by provider~$13,400

Annual running costsInsurance, rego, servicing, charging~$7,700

Total annual sacrificePre-tax deduction from salary~$21,100

Taxable incomeDown from $100,000$78,900

Income tax + Medicare saved34.5% marginal + 2% Medicare~$7,300

GST saving on vehicle1/11th of $58,900 (one-off, year 1)$5,355

FBT payableEV fully exempt$0

Net annual benefitOngoing after year-1 GST~$7,300

Year 1 is the best year: Add the $5,355 GST saving to the $7,300 tax saving and your total first-year benefit is approximately $12,655 — equivalent to getting more than 7 months of lease payments for free.

Model Y RWD vs Long Range — which is better for a novated lease?

From a pure novated lease perspective, both variants are equally exempt from FBT. The decision comes down to whether the extra $12,500 in vehicle cost is worth the benefits you get.

The Long Range adds 78 km of range and significantly faster charging — useful if you regularly drive more than 400 km in a day or want faster DC fast charging stops. For typical commuter use (under 80 km/day), the RWD is sufficient and the lower cost means lower lease repayments and a lower residual to deal with at the end of the term.

The RWD sits $32,487 under the LCT threshold, giving it substantial headroom if Tesla adjusts pricing. The Long Range has $12,987 of headroom — still comfortable, but worth monitoring if pricing changes mid-lease.

Tesla Model Y vs other EVs on a novated lease

The Model Y's main competitors in the novated lease space are the BYD Sealion 7 (~$54,990) and the Zeekr 7X (~$57,900). The BYD offers better value on paper but the Model Y's Supercharger network — now the largest fast-charging network in Australia — is a genuine practical advantage for long-distance driving. The Zeekr 7X offers 800V ultra-fast charging at up to 450 kW for those who regularly need rapid top-ups.

All three are under the LCT threshold and fully FBT exempt. The choice is more about your driving needs than the tax outcome. See our full EV comparison guide for a side-by-side breakdown.

How to get a Tesla Model Y on a novated lease

Confirm your employer offers salary packaging — most medium and large employers do
Use our calculator below to estimate your exact savings based on your salary
Get quotes from 2–3 novated lease providers — compare interest rates and admin fees, which vary significantly
Choose your variant and colour via Tesla's website; provide the order details to your provider
Your provider coordinates the paperwork with your employer — typically takes 1–2 weeks

Provider fees matter: Two providers can quote the same car at the same interest rate but charge very different admin fees ($300–$1,200/year). Always ask for a full fee schedule before signing.

Frequently asked questions

Is the Tesla Model Y eligible for the FBT exemption in 2025–26?

Yes. Both the RWD ($58,900) and Long Range ($78,400) are below the $91,387 luxury car tax threshold for fuel-efficient vehicles and qualify for the full FBT exemption. No post-tax employee contributions are required.

Can I choose any colour and spec?

Yes. You order the vehicle exactly as you would normally through Tesla, then hand the order details to your novated lease provider. The provider purchases the vehicle and leases it to your employer, who leases it to you.

What happens if I change jobs during the lease?

The lease is novated — meaning it transfers to your new employer if they participate in salary packaging. If your new employer does not offer salary packaging, you can pay the remaining lease obligations personally or pay out the lease.

Can I include a home charger in the novated lease?

A home charging unit (wall connector) cannot be salary-packaged as part of the novated lease itself. However, home charging electricity costs can be included in your running cost budget.

Tesla Model Y novated lease Australia 2025–26